Chapter 1, Problem 10QS

To determine

Concept introduction:

Account Receivables:

For a delivered goods or services, the cash owed by the customers that they need to pay to the business is called account receivables. In the balances sheet, the account receivables are shown as Assets.

Account Payables:

For a delivered goods or services, the cash owed by the business which they need to pay to their suppliers is called account payables. In the balances sheet, the account payables are shown as liabilities.

To identify:

The effect on individual items due to each transaction and also identify the revenue and the expense type.